New Delhi: Public sector Punjab National Bank (PNB) reported fraud of Rs 1,203.26 crore in the non-performing assets (NPA) account by Sintex Industries. The fraud was reported at corporate branch of the bank at Ahmedabad, Zonal Office in Gujarat, said the lender.
“A fraud of Rs 1,203.26 crore is being reported by the bank to the RBI in the accounts of the company (SIL). Bank has already made provisions amounting to Rs 215.21 crore as per prescribed prudential norms”, it said in a regulatory filing.
Earlier in the day, Sintex Industries said it had a debt repayment of Rs 49.54 crore to a total of 10 investors. Out of which, Rs 45.84 crore is related to the principal amount, while Rs 3.70 crore remains to interest that was due.
The total debt of Sintex was Rs 7,358.88 crore by the end of June.
Before the announcement of PNB, the lender’s shares closed 1.72 per cent lower at Rs 28.55, with that of Sintex Industries’ dropped 4.13 per cent to Rs 2.09.